3/18/2004 16:00 

The Annual General Meeting of Carlsberg A/S took place earlier today in accordance with the enclosed agenda.

The annual report was approved as well as the Board of Directors' proposal regarding the distribution of the profit for the year, including a dividend of DKK 5.00 per share, corresponding to 25% of the share capital.

With reference to Carlsberg's acquisition of Holsten Brauerei, the chairman mentioned in his report that there are clear indications that Carlsberg will achieve the necessary control of a minimum of 75% of the share capital required to complete the acquisition.

The General Meeting authorised the Board of Directors to acquire own shares, cf. Section 48 of the Danish Companies Act.

The proposal of the Board of Directors to reduce the company's share capital and to change the paragraphs 4, 8, 9, 10, 13, 16, 19, 24, 32, 33, and 34 of the Articles of Association was approved.

As proposed by the Board of Directors, Povl Krogsgaard-Larsen, Professor, D.Sc.,Ph.D.,
Dr.h.c., Jens Bigum, Managing Director, and Torkild Andersen, Professor, D. Ph. were reelected as members of the Board of Directors.

As proposed by the Board of Directors, the auditing firms PricewaterhouseCoopers and KPMG C. Jespersen were reelected as auditors.

At a subsequent Board Meeting, the Board of Directors elected Povl Krogsgaard-Larsen, Professor, D.Sc..,Ph.D.,Dr.h.c., as chairman and Jens Bigum, Managing Director, as deputy chairman.


Mikael Bo Larsen, +45 33 27 1223

Margrethe Skov, +45 33 27 1410